July 10, 2019
A three-community, 1,194-unit multifamily portfolio in Las Vegas traded hands in a $137.5 mil ($115.2k/unit) transaction. The assets were sold by Continental Realty Advisors Ltd (CRA) and San Francisco-based real estate investment firm The Roxborough Group LLC, through an affiliate of Roxborough Fund I L.P.
The Las Vegas portfolio consists of: Stonegate Apartments, a 440-unit property constructed in 1990/91 and located at 5075 Spyglass Hill Dr; Loma Vista Apartments, a 402-unit property constructed in 1998 and located at1200 W Cheyenne Ave North; and Viridian Palms (formerly Stonegate West), a 352-unit complex constructed in 1990 and located at 2675 S Nellis Blvd. The sellers spent over $5 mil repairs and improvements to the properties.
The buyer was not immediately disclosed. Spence Ballif with CBRE was involved in brokering the transaction.
“The business plan hinged on stabilizing what was perceived at the time of acquisition to be underperforming properties,” said David Snyder, Chairman and CEO of CRA. “This was achieved with strategic oversight, upgrades to the community common areas and amenities, as well as light value-add unit enhancements to appeal to the demographics of each location.”